DIALOGUE OF THE DEAF IN PARIS

There is this video being circulated around the globe by the World Bank of Mia Mottley, the Prime Minister of Barbados, standing next to the new President of the World Bank Ajay Banga. In the video, he calls her Mia.  He himself is Sikh, so one supposes that is acceptable. In the video taken in front of a large crowd before the Eiffel Tower in Paris, he announces a new programme of debt pause when there is a natural disaster. The crowd cheers.  He says that this is as a result of pressure from the crowd before him.

This announcement comes after a big meeting in Paris 22 to 23 June 2023 to craft the way forward on a new financial architecture for the world.  Mia Mottley has been its main spokesperson, coming from tiny Barbados, her voice has been heard around the world with auntly exhortations about the need for this new architecture.  Emanuel Macron, the president of France, called the conference in Paris to talk about it.

Talk they did. They talked and talked and talked.  The only one who seemed to make the point was the new President of Kenya who told Mr. Macron to his face: “ You are not listening to us.  We are not interested in what you are interested in.  We want a new institution where there is a universal tax across the Board which goes in the new institution and the monies allocated on the basis of one country one vote, not on the basis of who has the most money.”  Well, Mr. Macron was not hearing that.

So what did the poor countries like The Bahamas, Barbados, St Vincent,  Kenya, and South Africa get out of this talking shop in Paris? Exactly what the President of the World Bank said: debt pause, not relief or cancelation. Then there was the so-called pledge of 100 billion in special drawing rights for developing countries. So that was a take it or leave it order and Mr. Macron said that was progress. Well, sort of 60 billion was already there but there were pledges that amounted to another 40 billion. Progress indeed.

The Caricom leaders there Mia Mottley and Ralph Gonsalves seemed satisfied.  Not so sure about the African leaders who are still skeptical but they were all there and polite in their responses.

The bottom line for us is this.  Nothing came out of this of any import.  It is more of the same. It was very much a  dialogue of the deaf.  Two ships sailing in the night and never the twain shall meet. But at least we have not invaded Ukraine.

Number of hits for the week ending Saturday 23 June 2023 up to midnight: 482,871;

Number of hits for the month of June up to Saturday 23 June 2023 up to midnight: 1,598,541;

Number of hits for the year 2023 up to Saturday 23 June 2023 up to midnight: 10,471,350;